Litecoin Price Prediction As New Report Suggests LTC Is Top 4 Most Popular Crypto For Shopping – LTC To The Moon?
LTC, the ticker for Litecoin, the cryptocurrency that powers the crypto-payments-focused Litecoin blockchain, last traded around 3.5% lower on Thursday in the $94 range, having retreated south of its 21-day moving average to $95.50 and from previous weekly highs in the $98.50 area. The cryptocurrency’s latest pullback comes in tandem with a broader easing in crypto prices after fresh US data (weekly jobless claims) points to a still warm labor market and economy, pushing risk assets and supporting the Fed’s tightening efforts.
Technical sales probably also play a role. Since falling below an uptrend that had been in play since November at the end of last week, Litecoin has moved higher, but has consistently been unable to break north of the uptrend that had previously provided support. Litecoin failed to break back above it again on Wednesday, contributing to Thursday’s reversal, although the 50DMA at $93 may offer support.
Litecoin’s latest reversal comes despite fresh evidence of the cryptocurrency’s adoption as a mainstream means of payment. According to a recent report published by CoinGate.com, LTC payments account for 9.5% of total crypto payments to CoinGate sellers. That’s impressive, given Litecoin only makes up about 0.6% of the cryptocurrency market’s total capitalization. Its market cap is currently around $6.8 billion against a total crypto market cap of around $1.06 trillion.
Price Prediction – Where Next for Litecoin?
With LTC having dipped below its November 2022 uptrend, getting back above $100 in the near term could be a bigger fight. Tests of recent lows in the $88-$90 range are probably more likely. However, if the broader cryptocurrency market continues to maintain calm and gradually rise in the coming months, Litecoin is a good candidate to continue to perform well.
That’s because the cryptocurrency has a few positive drivers at the moment. Litecoin’s use as a medium of exchange is likely to continue to grow in the wake of the cryptocurrency’s recently secured partnership with Mastercard, which will soon begin offering Litecoin-based cards to customers in the UK and EU following the success of a similar program in the US. However, it was recently reported that Mastercard will push back the launch of crypto-related products due to market and regulatory uncertainty. Meanwhile, just as the Bitcoin blockchain has experienced a wave of intrigue in the wake of the success of the recently deployed Ordinal non-fungible token (NFT) protocol, so has Litecoin.
According to a recent tweet from the Litecoin Foundation, 20,000 Litecoin Ordinals were written directly onto Litecoin’s blockchain in just three days. Litecoin could also be set to be one of the main beneficiaries of the expected surge in crypto markets when Hong Kong authorities reopen the market to retail traders later this month. According to a tweet from the official Litecoin account, retail cryptocurrencies “must be classified on at least two out of five indices for Hong Kong’s SFC approval”. “Only 4 cryptos have four or more, one of which is Litecoin”.
In the long term, Litecoin may well be able to maintain its march higher that began last November when LTC briefly dipped below $50. Key levels the bulls will target include the February highs around $106, the highs from last March in the $130s and a key long-term support-turned-resistance zone in the low $140s.
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LTC options to consider
LTC’s outlook looks potentially pretty good. However, traders looking for quick gains may want to consider other tokens with high potential, such as those sold in pre-sales promising upcoming crypto projects. We’ve reviewed some of the top contenders in this list of the top 15 cryptocurrencies for 2023, as analyzed by Crypto news Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
